An extended version of the extremely overused 'lol', of course meaning laughing out loud, or laugh out loud(but of course you know that if you know how to click internet explorer). It is used to signify that you are a chewb, but is intended from the user as a sarcastic way of insulting people that overuse 'lol'.

Maegan quit saying lolz0rsessess, it makes you sound like a complete chewb.